Section: Real estate

Canadian municipalities issued $7.5 billion worth of building permits in February, down 2.5% from January. Ontario and Alberta led the five provinces that reported declines in February. The national decrease was mainly the result of lower construction intentions for single-family dwellings and institutional structures.

Housing starts are now on pace to hit 204,669 units in Canada, whereas January saw them hitting 200,255 units, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

The value of building permits issued by Canadian municipalities rose 5.4% to $7.6 billion in January, following two consecutive monthly decreases. Six provinces posted increases, led by Alberta and British Columbia. Nationally, construction intentions rose in every component, particularly institutional buildings.